Dubai real estate prices fall 25% from September peak

Real estate prices in Dubai have dropped by 25% compared to its peak in September 2008, according to recent market reports. In line with this, the ‘International Property Show – Dubai 2009’, the biggest transactional property exhibition in the region, is set to capitalise on the shift in property prices in Dubai by providing end-users and investors an opportunity to acquire their ideal property units at relatively lower prices.
According to reports, the biggest drop in prices has been in the high-end property segment, with average prices down 1% in 2008 and 35% since the peak. The downward trend has also hit properties targeting the middle-income bracket in the fourth quarter of 2008 despite an average increase of 18% in this segment, as well as units intended for low-income customers, with only projects within Dubailand, Dubai Sports City and Jumeirah Village maintaining prices.
“Amidst the current challenges brought on by the global financial crisis, we are optimistic that the current situation of the real estate market in Dubai will have positive developments in the future. However, there still exist opportunities within this unique scenario, and this is what we are seeking to provide to investors and end-users who will attend this year’s show,” said Dawood Al Shezawi, Managing Director, SME.